Macy's to Close 150 Stores in Restructuring Effort

The move aims to focus on upscale brands and improve customer experience amid a long-term decline in department store sales.

Macy's announces the closure of 150 stores, nearly a third of its total, as part of a restructuring effort to focus on more successful and upscale brands.
The decline of department stores like Macy's is attributed to competition from big box retailers, a shift to online shopping, and a failure to evolve offerings to meet consumer demands.
Macy's strategy includes upgrading remaining stores, adding more salespeople and visual displays, and expanding its luxury Bloomingdale’s and Blue Mercury cosmetics locations.
Despite the closures, Macy's adjusted net income and revenue exceeded Wall Street expectations, though the company offered a muted outlook for the year.
The department store sector's sales have been declining for decades, with projections showing a fall from $103 billion in 2018 to $81 billion by 2026.